Mike's Journal MSK185

[Herbert]

What would be your reason/rule to not have taken this one?

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Herbert

[msk185]

Hi Herbert, sorry only just seen your post with the chart.

when I saw this setup there was a 5 min level at 13015 ish so around 5 pips away and another level around 10 pips away, as I've been burnt taking trades when there are levels to the left before so I would have passed on this dot. I like to see 8pips or so to the next level as this gives room for a 5 pip profit before the level is reached. Good question though.

Cheers
Mike

[Herbert]

Awesome Mike. Follow your plan. :-bd

Can i suggest, if you are not doing it already, that you take a look at what Immy has said somewhere else wrt inner and outer levels. There may be something there with different scenario's. In this quote he refers to loss reduction, but turning a looser into a winner may be another:

Hi

I took this trade but I took the inner aims level, because when the Alligator is open and trend is confirmed, I usually tend to take the inner AIMS Level. Same result but with lesser number of pips lost.

[msk185]

Yay I got a setup and made 5pips profit

Been waiting patiently for a setup and took this one this morning, 5min alligator had started to show long, setup on M1. entry at 12928, initial tgt set at 60min high. closed manually for 5pips after price stalled several times at 12935.

Maybe could have stayed in for longer but happy to bag a few pips at the end of the week. Also my focus is on picking the best setups, once I've mastered this I'll work on my exits

Happy weekends everyone

Mike

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[Grant]

Hey Mike,

nice trading, i managed +7 form that, i closed 5 mins before the red news release.

Of course hindsight says we should have stayed in...... sigh

Have a great weekend.

Grant

[Herbert]

Excellent Mike!!! (party) \m/

[immy]

Hey Grant,

It was a nice call, otherwise I was just about to miss it. Managed to that PO in at the last second.

I paid rent twice to find this but with a little bit of patience and a bit of risk (though not recommended at beginner level) (we all trade our belief systems)
and the discipline to take the correct Setups it all takes care of itself. Trust the System, it will take care of you.

I'll the post the pic here instead if you dont mind.

[msk185]

First trade of the week closed at b/e.

Setup looked good, with a triple aims break order at 12877, although AO was looking a little old. Triggered but lost momentum, closed manually for break even after price stalled.

Maybe not the cleanest exit, but I didnt want to start the week with a loss and there had been one exit signal with a reverse dot

Any comments welcome

Cheers

Mike

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[immy]

Hey Mike

Thats not a bad exit. I filtered that trade and took the next one, but then did not filter another one that I should have that took me back to 3pips for the day. 8-}

[msk185]

Hi Immy

Out of interest what was your reason to filter this trade?

thanks
Mike